Dive Brief:
- Daseke has agreed to sell its business to TFI International, entering a definitive agreement that values the company at $1.1 billion, according to a news release.
- After the merger, Daseke's portfolio of brands will operate as part of TFI’s truckload segment, a securities filing said. With the addition, TFI’s truckload segment is slated to generate approximately $3.6 billion in annual total revenue.
- The transaction is slated to close in Q2 2024 and hinges on stockholder approval, regulatory approvals and other closing conditions, the companies noted.
Dive Insight:
TFI will first seek to improve Daseke’s financial results but could also split the companies, according to TFI.
The carrier “expects to evaluate the potential benefits of separating into two distinct public companies — one comprising the Truckload segment, and one comprising the LTL, P&C, and Logistics segments,” the company said.
The acquisition puts TFI in the position to strategically consider the potential separation for investors, according to a news release.
In the near term, the deal would also scale TFI’s truckload business, TFI Chairman, President and CEO Alain Bédard said. Daseke has approximately 4,900 tractors, 11,000 flatbed and specialist trailers, and 1 million square feet of industrial warehousing space.
Both boards of directors have unanimously approved the deal.
"Daseke’s deep expertise in servicing a broad portfolio of specialized and industrial end markets such as high-security cargo, agriculture, manufacturing, and construction, is critical given the relative strength of specialized market dynamics today,” Bédard said in a news release.
